What is the difference between hard link and shortcut?

Excuse me, could you please elaborate on the fundamental differences between a hard LINK and a shortcut? I understand that they are both means of accessing files or folders, but I'm curious about the technical distinctions. For instance, does the creation of a hard link physically alter the original file's location or attributes in any way, whereas a shortcut merely points to its location? Additionally, are there any specific scenarios where one might be more advantageous to use over the other? Thank you for your insights.